Sri Lanka's trade deficit in February 2014 narrowed by 20.7 percent to US$ 504 million as earnings from exports substantially increased while expenditure on imports declined during the month, the Central Bank said Monday releasing the External Sector Performance review.

Earnings from exports in February 2014 increased significantly on a year-on-year (YoY) basis by 5.4 percent to US$ 841 million, while expenditure on imports declined by 6.2 percent to US$ 1.345 billion.

The cumulative trade deficit for the first two months of 2014 contracted by 12.5 percent, as the growth in export earnings of 13.9 percent outpaced the 1.1 percent increase in import expenditure.

Improved performance in agricultural exports, followed by industrial exports, led the significant growth in exports.

Earnings from agricultural exports increased 15.3 percent for February to US$ 201 million, out of which tea exports increased by 11.7 percent and amounted to US$ 116 million.

Earnings from industrial exports, which account for more than three fourths of total export earnings increased by 2.5 percent, year-on-year, to US$ 637 million in February 2014, reflecting an increase in earnings from export of textiles and garments by 6.6 percent to US$ 396 million.

Expenses on fuel imports increased marginally by 0.6 percent to US$ 421 million in February compared to same month in 2013 and expenses in most of other categories declined.

During the month Workers' Remittances grew by 6.9 percent to US$ 502.0 million and earnings from tourism increased 33.6 percent to US$ 205.0 million. However, inflows to the government from Treasury Bills and Bonds declined 71.8 percent YoY and only earned US$ 202.5 million.

By the end of 2013, Sri Lanka's gross official reserves amounted to US$ 8.3 billion, while total international reserves, which include foreign assets of commercial banks, amounted to US$ 9.4 billion.

The domestic foreign exchange market has remained relatively stable during the year so far up to 22 April 2014, with the rupee marginally appreciating by 0.11 percent against the US dollar, the Central Bank said.

Speaking to ColomboPage exclusively, the Opposition Leader, who is currently finishing up a fellowship at the Massachusetts Institute of Technology, dismissed the media reports which said that he will not contest the Presidency at the next Presidential elections.

Wickremasinghe said although he has not ruled out himself from contesting for the presidency, he is open to consider others and will make a decision on a presidential candidate only after President Mahinda Rajapaksa formally announces a Presidential election.

However, the party's immediate goal is to start a grass root campaign to educate the general public on the government's economic policies and how those policies and massive scale corruption affecting them, the Opposition Leader said.

He said to attain sustainable peace and reconciliation in the country, the government needs to start a dialogue with the Tamil party and resolve their grievances. Pointing out that Tamils lack a generation of political leaders due to the three-decade long war, the Opposition Leader noted that it's imperative for the Tamil parties to groom moderate leaders to take reins after their senior leaders.

A future UNP government, he said, would reinstate the 17th Amendment to the Constitution and repeal the 18th Amendment to limit the powers of the executive presidency and would establish a system where the cabinet and parliament would have more powers than the President. He added that major reforms are needed in the health, education and financial sectors.

The opposition leader urged the Sri Lankan public as well as the expatriate community to rally around the party regardless of the religion, ethnicity and political affiliation to eliminate corruption and restore democracy and good governance in the country.

Launching a scathing attack on Sri Lanka’s cricket officials over a possible move to conduct a disciplinary inquiry on the country’s most senior cricketers, a former Sri Lanka Cricket (SLC) chief today said it is a “foolish” decision taken by “brainless” officials.  

It was reported yesterday that former Sri Lanka captains Mahela Jayawardene and Kumar Sangakkara could face disciplinary action over remarks they had made on arriving in Colombo after winning the ICC World T20 title. 

Sri Lanka Cricket had decided, at yesterday’s executive committee meeting, to refer the matter to the SLC’s disciplinary committee, an ex-co source was quoted as saying by media report. 

The entire world must be laughing at us for the decision to take disciplinary action against Sri Lanka’s star players, who led the country to victory in the Asia Cup and World Twenty20, former SLC president, MP Thilanga Sumathipala, said.

“The move will tarnish the good image of cricket in Sri Lanka in the face of the international community.  The entire world must be laughing at the fact that disciplinary action is being taken against Mahela and Sangakkara, the best players of the Sri Lanka team which won the World Cup.”

“Aren’t they ashamed?” he questioned, adding that it is a “stupid” thing to do.

He stated that the biggest questions are as to why two world-class players such as Mahela and Kumar had made accusations against the cricket administration, why are they doing it in public and why is the administration behaving in this manner.  

“When the ICC decided to expel Arjuna Ranatunga over the Muralitharan issue we saved the sport from the players’ side. But today when the players have brought fame to the country by bringing home a World Cup, the administration is chasing after the players as if they have done something wrong,” he told Ada Derana. 

He stated that the best way to resolve such issues is to invite cricketers for discussions behind closed doors as conducting disciplinary inquiries on them will only worsen the already disastrous situation.

If you take a stance that ‘I am the Chairman’ or ‘I am the Secretary’ the players are below us and they have personally slung mud at us, then it will only prolong this battle, he said.

Sumathipala stated that personal issues have to be put aside and the reputation of the country, sport and player should be given priority when resolving such matters of importance.  

Terming the decision to take disciplinary action against Mahela and Sanga as an “unintelligent” move, he said the cricket administration would face a grave problem if they follow through with it. “It will only worsen the SLC’s already tarnished reputation and widen the gap between players and the administration.”

He said it is regrettable that attempts are being made to probe such world-renowned sportsmen. 

He said the country will not easily get two gentlemen like Jayawardena and Sangakkara in this era and that if they had made any mistake there is a process to resolve it.
  

      

Internal documents obtained by a Canadian newspaper show that Ottawa has drawn up at least five scenarios in which it could be involved in the three-year Syrian conflict, including the deployment of Canadian Forces.

The Ottawa Citizen paper said on Monday that while Canada’s federal government has no official plans so far for the country to be dragged in the conflict, the National Defense has developed five scenarios to address the problem of “rapidly deteriorating conditions in Syria, its impact on neighboring countries and … the importance of Middle East stability.”

Military intervention is included in one of the potential scenarios, per the existence of is “a legitimate armed opposition group has been recognized” by Canada.

The scenarios rest on the several assumptions, such as the Syrian government remains “defiant,” and include possible outcomes for each plan, including those “most likely” and the “worst case.”

Worst case scenarios include extremist groups getting ahold of advanced or chemical weapons or the conflict spilling beyond Syria’s borders.

Further specifics about the remaining scenarios have been censored.

Theodore Karasik, the Dubai-based Director of Research and Consultancy at the Institute for Near East and Gulf Military Analysis (INEGMA), reasons that the conflict affects a myriad of countries not just in the region but globally.

“Many countries face the threat from the Syrian theater because jihadists there have gained incredible battlefield experience and were further indoctrinated of jihadist violence,” he told Al Arabiya News.

Karasik urged all countries prepare adequately if they intervene in the conflict which must include a contingency plan.

“Not only militaries but police forces have to be prepared as well,” he added.

While the United States and its main ally, the United Kingdom, have both had their parliaments veto a military airstrike against the Syrian regime over chemical weapons accusations last year, a source who spoke to Al Arabiya News on the condition of anonymity said “in [neighboring] Jordan, the Brits are on ground already, in special operations forces.”

Hinting at additional covert support from other nations, the source added: “It is to varying degrees of how these [NATO] countries are involved and under what circumstances.”

Additional documents show that Canada has already started training anti-sectarian activists, journalists and others so they can provide a political alternative to Islamic extremist groups if the fighting stops.

President Mahinda Rajapaksa worshipped at the Sri Dalada Maligawa in Kandy yesterday and received blessings for the Sinhala and Tamil New Year. The President is seen participating in religious observances before the Sacred Tooth Relic. Central Province Governor Tikiri Kobbekaduwa, Chief Minister Sarath Ekanayake, MP Lohan Ratwatte and Diyawadana Nilame Nilanga Dela also participated.